Business Context and Reporting Period
Company: Silicon Valley Acquisition Corp. (SVAQ)
Reporting Period: Quarter ended September 30, 2025 (Inception: July 21, 2025)
Business Type: Special Purpose Acquisition Company (SPAC) incorporated in the Cayman Islands.
Status: Pre-IPO formation phase. The company had not commenced operations or generated revenue as of the balance sheet date. The Initial Public Offering (IPO) was consummated subsequently on December 24, 2025.
Key Financial Metrics (As of September 30, 2025)
| Metric | Value |
|---|---|
| Total Assets | $235,347 (Deferred offering costs) |
| Total Liabilities | $264,629 |
| Shareholder's Deficit | ($29,282) |
| Net Loss (Inception to 9/30/25) | ($54,282) |
| Cash Balance | $0 |
| Working Capital Deficit | ($264,629) |
| Promissory Note (Related Party) | $127,258 |
Material Changes and Subsequent Events
The financial statements reflect a pre-IPO entity with no operating revenue. Significant capital events occurred subsequent to the reporting period:
- IPO Completion: On December 24, 2025, the company consummated an IPO of 20,000,000 units at $10.00 per unit, generating $200,000,000 in gross proceeds.
- Over-Allotment: On January 7, 2026, underwriters partially exercised the over-allotment option, selling an additional 1,500,000 units for $15,000,000.
- Private Placement: Simultaneously with the IPO and over-allotment, the company sold Private Placement Units to the Sponsor and Clear Street, generating $6,550,000 in aggregate proceeds.
- Trust Account: A total of $215,000,000 was deposited into the Trust Account following the IPO and over-allotment.
- Liquidity Update: As of January 7, 2026, the company held $1,600,031 in cash and had a working capital of $1,477,855.
Guidance, Risks, and Management Commentary
- Business Objective: The company intends to complete a Business Combination within 24 months of the IPO closing (by December 24, 2027). If not completed, the company will liquidate and redeem public shares.
- Transaction Costs: Total transaction costs amounted to $13,402,955, including $4,300,000 in cash underwriting fees and $8,600,000 in deferred underwriting fees.
- Related Party Transactions: The Sponsor purchased 7,665,900 Class B founder shares for $25,000. A monthly administrative fee of $25,000 to the Sponsor commenced in December 2025.
- Risks: The company faces risks associated with the failure to identify a target, the inability to complete a Business Combination within the 24-month window, and potential dilution from warrant exercises or future financing.
Investor Verification Checklist
- IPO Proceeds: Verify the final amount deposited in the Trust Account ($215,000,000) and the exact number of public shares outstanding post-over-allotment.
- Deferred Fees: Confirm the $8,600,000 deferred underwriting commission liability and its payment terms upon Business Combination.
- Founder Shares: Review the forfeiture provisions for the 999,900 Class B shares subject to the over-allotment option (partially resolved in Jan 2026).
- Warrant Terms: Verify the exercise price ($11.50) and redemption triggers ($18.00 share price) for the public and private warrants.
- Liquidity Post-IPO: Assess the $1.6 million working capital available outside the Trust Account to fund operations and due diligence for the next 24 months.